Can I get an Indian Bank loan against property without any income proof?

Yes, chances are high that you can get a loan against property from Indian Bank but for this you have to show your tax payments and must show a good credit score.

What is the interest rate range to avail Indian Bank loan against property?

The interest rate range to avail of Indian Bank LAP is from 10% - 12.75% per annum.

Will I be penalized for not paying my EMI on the Indian Bank loan against property?

Yes, borrowers failing to pay the Indian Bank loan against property EMI can be penalized with fines by the bank, and this may also impact their CIBIL score negatively. At the worst, their property can be put on auction.

For what purpose can a loan against property from the Indian Bank be used?

A loan against property from the Indian Bank can be used for professional and personal financial needs such as expanding the business, buying raw materials, financing the child’s education, and building a home.

What is the loan tenure of a loan against property offered by the Indian Bank?

Indian Bank offers loan against property for a maximum of 15 years repayment tenure.

Are NRIs eligible for a loan against property from the Indian Bank?

Yes, NRIs are eligible for an Indian Bank LAP, however for this, they need to have the property they want to put on the mortgage in India, which should either be owned by them or some close family member.

IIFL Loan Against Property

IIFL Loan Against Property (LAP), also known as Shakthi Loan Against Property is a multi-purpose loan that can come in handy to meet your financial needs against your residential or commercial property. It starts with an interest rate of 11.50% per annum. Borrowers can repay the IIFL LAP loan in a repayment period of up to 10 years. The maximum loan amount a borrower can get as a LAP from IIFL is up to Rs. 10 crore or up to 65% of the property value at a processing fee of 2% of the loan amount.

IIFL Home Loan EMI Calculator

Avoid confusion get it right with BASIC

Loan Amount

1 Lac10 cr

Interest Rate (% P.A.)

0%20%

Loan Tenure Required

130

Apply Now

Break up of Total Payment

Your monthly EMI is

Total Amount Payable

Principal Amount
Total Interest

Appy for IIFL home loans at low interest rate

Apply Now

IIFL Loan Against Property Interest Rate

IIFL offers easy and hassle-free documentation loan servicing all over India with easy repayment by EMIs through ECS and ACH. Salaried and self-employed applicants can apply for an IIFL LAP loan interest rate beginning at 11.50% per annum.

The IIFL loan against property rate of interest 2024 is mentioned below for your quick reference:

Rate Package	Rate of Interest
Floater	11.50% p.a. onwards
Fixed	11.50% p.a. onwards

Appy for IIFL home loans at low interest rate

Apply Now

IIFL Loan Against Property Eligibility Criteria

Getting a loan against property from IIFL Finance is pretty easy if you can adhere to the eligibility criteria set by the NBFC. These are general criteria based on the applicant’s age, income, credit score, and nationality.

Have a look at the table below to understand the IIFL loan against property eligibility:

Eligibility Parameters	For Salaried Individuals	For Self-Employed Individuals
Age Range (in years)	21 - 70 years	21 - 70 years
Nationality	Indian Residents	Indian Residents
Minimum Income Earned	Rs. 12,000 per month	Rs. 12,000 per month
Credit Score	750 or above (preferred)	750 or above (preferred)

IIFL Loan Against Property Fees and Charges

To recover the expenses met to process a loan against a property application, IIFL Housing Finance charges a nominal processing fee from borrowers. The table below enlists the updated IIFL loan against property processing fees and other charges:

Processing Fee	2% of the loan amount
CERSAI Charges	Loans less than or equal to Rs. 5 lakhs: Rs. 50 Loans more than Rs. 5 lakhs: Rs. 100
Late Payment Charges	18% p.a. of the outstanding EMI
Cheque Dishonour Charges	Rs. 500
Collateral Evaluation Charges	Loans less than or equal to Rs. 2 crore: Rs. 5,000 Loans ranging between Rs. 2 crore and Rs. 5 crore: Rs. 10,000 Loans more than Rs. 5 crores: Rs. 25,000
Foreclosure Charges (Individual Applicant)	Business Use (within 12 months of 1st disbursement): 5% of the prepaid amount + taxes Business Use (post 12 months of 1st disbursement): 3% of the prepaid amount + taxes Personal Use: Nil
Foreclosure Charges (Non-Individual Applicant)	Business Use (post 12 months of 1st disbursement): 3% of the prepaid amount + taxes Personal Use (within 12 months of 1st disbursement): 5% of the prepaid amount + taxes
Prepayment Charges (Individual Applicant)	Within 12 months of 1st disbursement: 5% of the prepaid amount + taxes Post 12 months of 1st disbursement: 1% of the prepaid amount + taxes Personal Use: Nil
Prepayment Charges (Non-Individual Applicant)	Business Use (post 12 months of 1st disbursement): 1% of the prepaid amount + taxes Personal Use (within 12 months of 1st disbursement):: 5% of the prepaid amount + taxes

Appy for IIFL home loans at low interest rate

Apply Now

Compare Interest Rates on Loan Against Property for Top Banks & NBFCs

Take some time out to evaluate and compare interest rates and processing fees of IIFL Finance LAP and other leading banks and NBFCs to make an informed decision. For this purpose, we are now showing a comparison table for the same:

Bank/ NBFC Name	Rate of Interest	Processing Fee
IIFL Housing Finance	11.50% p.a. onwards	2% of the loan amount
HDFC Bank	9.50% - 11.00% p.a.	1% of the loan amount (minimum of Rs. 7,500)
Bajaj Housing Finance	9.75% - 18.00% p.a.	Up to 4% of the loan amount + GST
SBI	10.00% - 11.30% p.a.	1% of the loan amount
Cholamandalam Housing Finance	10.00% - 24.00% p.a.	1% of the loan amount + GST
Axis Bank	10.40% - 12.75% p.a.	1% of the loan amount or Rs. 10,000 (whichever is higher)

Get Home Loan Starting at 8.5%*

CHECK PLANS

Documents Required For IIFL Loan Against Property

If you are thinking of applying for an IIFL LAP, then make sure to first gather and submit some essential documents to prove your age, income, nationality, identity, address, and property. The complete list of IIFL loan against property documents required is mentioned below:

1. For Salaried Loan Applicants

Address or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc.
Income Proof: Salary Slips for 3 months, Bank Account Statements for 6 months, Latest ITR/ Form 16
Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter

2. For Self-Employed Loan Applicants

Address or Identity Proof: Aadhaar Card, PAN Card, Passport, and Voter ID Card
Income Proof: ITR/ Form 16 for 3 years, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile, Form 26AS
Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, No Objection Certificate, Partnership Deed if the business entity is in partnership, and the List of Stakeholders

How to Apply for an IIFL Loan Against Property

You can easily proceed with the IIFL loan against property apply online procedure in the following manner:

Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
The BASIC Home Loan team will then contact you for further process in applying for an IIFL Home Loan Against Property

Find LIC Housing Finance Offices Near You

If you are planning to visit one of the offices of LIC Home Loan near you to understand the LIC Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.

FAQs

Yes, IIFL like any other lender pays attention to the applicant’s CIBIL score while approving a loan against a property application.

The approval process for an IIFL LAP typically takes between 7 to 10 working days. During this period, the NBFC officials check the documents submitted and evaluate the property kept at the mortgage.

No, as such there is no need to have any guarantor for an IIFL LAP.

Borrowers can repay EMIs for the IIFL Loan Against Property through Net Banking, ECH, ACH, Auto Debit, and Mobile Apps.

The minimum income required to avail of an IIFL LAP for salaried applicants is Rs. 12,000 per month and up to Rs. 2 lakhs per annum for self-employed applicants.

IIFL Loan Against Property can be availed by salaried individuals, self-employed professionals, and self-employed non-professionals.

IIFL Loan Against Property